CHAPTER 229 - CONVEYANCES - RELATING TO SATISFACTION OF MORTGAGES

AN ACT TO AMEND CHAPTER 92 OF THE REVISED CODE OF DELAWARE, 1935, RELATING TO CONVEYANCES, BY PROVIDING FOR SATISFACTION OF MORTGAGES; WITHIN WHAT TIME; HOW ENTERED AND BY WHOM; FEE TO BE PAID BY DEBTOR.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Chapter 92 of the Revised Code of Delaware, 1935, as amended, be and the same is hereby amended by striking out and repealing all of Paragraph 3691, Sec. 34, thereof and by enacting and inserting in lieu thereof a new paragraph to be styled 3691, Sec. 34, as follows:

3691. Sec. 34. Satisfaction of Mortgages; Within What Time; How Entered; by Whom:--Whenever the debt or duty secured by a mortgage or conveyance in the nature of a mortgage is satisfied or performed, the legal holder of such mortgage or conveyance at the time of the satisfaction or performance completed, shall, within sixty days after satisfaction or performance completed, cause an entry of such satisfaction or performance to be made upon the record of such mortgage or conveyance. Such entry shall be signed by the holder of such mortgage or conveyance, or his Attorney duly constituted; or, when a corporation is the holder, by the Cashier or Assistant Cashier, or Treasurer or Assistant Treasurer, or the Attorney of said corporation duly constituted, and attested by the Recorder. The fee for entering such satisfaction or performance upon the record of such mortgage or conveyance shall be paid by the debtor or obligor unless the mortgage or conveyance shall provide otherwise.

Approved April 18, 1945.